Fannie and Freddie tell mortgage servicers not to refer new cases to Baum firm

Fannie Mae and Freddie Mac have launched a new loan modification program for troubled mortgages known as "Flex Modification." The GSE’s have an issue with rising defaults and questionable paperwork and the Flex Modification allows them to modify the underlying defective "loan" and gloss over the false endorsements, assignments and chain of title issues.

 · The original mortgage note, an original unrecorded assignment to fannie mae (or a copy of the original recorded assignment), and, in some cases, the original mortgage insurance or loan guaranty certificate, and, if the mortgage has been modified, the modification agreement.

D. Notwithstanding anything to the contrary contained herein, the Agreementdoes not apply to gse loans. servicers are directed to the servicing guides and bulletins issued by FannieMae and Freddie Mac, respectively, concerning the Programs as applied to GSE Loans.

The servicers of Freddie Mac and Fannie Mae-owned mortgages can no longer refer foreclosure cases to the Baum firm, though the firm will retain the cases already referred to it.

The Federal Home Loan Mortgage Corporation ("Freddie Mac") announced on March 11, 2011, that it is taking its foreclosure cases away from the Marshall C. Watson Law Firm. The Watson firm, based in Ft. Lauderdale, Florida, was one of the firms most often used by Freddie Mac, Fannie Mae and mortgage-backed trusts to foreclose in Florida.

[Update 1: Adds confirmation that Fannie suspended new referrals to Baum firm] Fannie Mae said Tuesday that it told mortgage servicers to stop referring new foreclosure cases to the Steven J. Baum.

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Fannie Mae and Freddie Mac, government-backed businesses who together own or guarantee about half of the outstanding mortgages in the country, were in Washington, DC last week defending themselves before a Senate committee looking into abusive – and in some cases illegal – foreclosure practices that have come to light in recent months.

Time to privatize Fannie Mae, Freddie Mac?  · A little lie on mortgage application can cost you big. It’s one of the most common lies that home buyers tell mortgage lenders, and it may be on the upswing: In order to get a lower interest.

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The Mortgage Servicing Industry: Who’s Who. The primary parties involved in residential mortgage servicing are: The lender. The lender-sometimes called an "originator"-is the bank or mortgage lending company that provides the loan to the borrower in the first place. A servicer handles the daily management of loan accounts. The investor.